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TOKWIRO CONFIRMS EXCAPSA DEAL
Players waiting for refunds following the cheating scandals at UltimateBet and Absolute Poker should see a renewed surge of payments following the settlement this week which saw the Excapsa liquidators agree to pay $15 million to Blast Off Limited, to which it sold the sites and the flawed poker software behind them.
Towards the end of the week Tokwiro Enterprises, the owner of the two sites caught up in the cheating debacle, issued a statement confirming the settlement...and interestingly reserved the right to pursue any individual or individuals implicated in the fraud. Industry observers see that as a possible reference to former WSOP champion Russ Hamilton, a former affiliate marketing executive of the company who was named in an independent enquiry into the issue.
The deal requires that Blast Off Limited, a company closely associated with Tokwiro, will resume paying purchase price instalments on the websites to the Excapsa liquidators in return for $15 million. This is to be used principally to refund players caught up in the long-running fraud and pay the hefty $1.5 million fine levied on UltimateBet by the Kahnawake Gaming Commission. The settlement was approved and made an order of the Ontario Superior Court by Justice Sarah Pepall earlier this week.
Since refunds began on the orders of the KGC, some $6.1 million has been paid out by UltimateBet.
Tokwiro's Chief Operating Officer, Paul Leggett comments in the statement from the company: "We are pleased that we have finally agreed to a settlement with the previous owners of UltimateBet, and we are happy to announce the completion of the final refunds to players."
"Together with our regulatory body, the Kahnawake Gaming Commission, we have fought long and hard to hold those responsible accountable for the fraud, to refund players, and to ensure this can never happen again," the Tokwiro executive said, adding that the settlement finalised the company's claims against Excapsa and "....brings us significantly forward in our search for justice in the aftermath of the cheating scandal."
Leggett was part of a new Tokwiro management team brought in earlier this year, and is believed to be one of the principal architects behind its plan to create an online poker mega-company branded Cereus and comprised of UltimateBet and Absolute Poker.
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Gambling News :
Wanajump Launches -
#Wanajump Spanish online and land gambling operator Grupo R. Franco appears to be emulating the William Hill group, announcing this week that it is to begin a start-up accelerator program for innovative entrepreneurs, which it has titled Wanajump.
Coral Launches player proposition betting product -
Digital Sports Tech, a business-to-business software provider of sports betting solutions, has signed a deal with UK online and land sports betting operator Coral to provide an innovative player proposition betting product.
Oshi online casino now accepts fiat currencies -
The Oshi online casino, which started just a year ago as a Bitcoin-denominated operation, has described its expanded activity in a statement this week, noting that in addition to Bitcoin it now accepts fiat currencies and has added new game providers to its roster of suppliers.
New Standards for UK Online Gambling -
Online gambling service and technology providers, along with operators and testing agencies will be studying the new gambling software and technical standards proposal published by the UK Gambling Commission following a public consultation.
Pennsylvania Gambling Bill 1887 returned with additions -
The interaction between the Pennsylvanian House and the state Senate has become increasingly like watching a game of ping pong as the two political establishments wrestle with online gambling legalization and court-ordered tax fixes in the dying days of the current political season.
Mybet Earnings Struggle -
The statement this week reveals that Mybet continued to be hampered by negative trends from historic quarters, making its original performance estimate "unrealistic".
Tom Horn Awarded Malta Gaming License -
Online gambling software provider Tom Horn Gaming has been awarded a Malta Gaming Authority license that permits the company to host and manage Malta-based gaming operators.
Calvin Ayre invests in new Antigua Business Center -
Ayre joined with government officials this week in a ground-breaking ceremony for a five-story centre on Antigua which will be home for the venture. The "green" building will be solar powered and provide employee-friendly services like catering, a gym and child care.
Attack of the Zombies Slot -
Online gambling games developer Genesis Gaming has unveiled its latest game, with a theme based on a horror story of the undead, exploiting the current trend....and just in time for Halloween.
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